Greece in the news, but it’s just one part of the picture
Readers of our newsletter won’t be surprised to learn that the world cares about Greece (and Dubai) – still.
From The Big Picture: Yesterday no one cared about Greece, today they do
From the FT: Fitch strips Greece of A-grade credit rating
As I mentioned, my view is that this is a big net negative for the Euro, and may thwart Bernanke’s reinflation plans as USD gets squeezed up. I also have a feeling that Dubai and Greece aren’t the only ones. Smaller countries in the eurozone may also be in trouble, which will place added pressure on Austria (which has built it’s recent economy on lending to emerging Europe). In my mind, Austria and Spain are the big ones to watch. If they hold, the euro will have a fighting chance. If they go down like Greece and Germany needs to finance increasingly large neighbors, we’re going to see the euro crack.
Last 5 posts by Yaron Sadan
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Tags: austria, credit rating, Currency, Euro, germany, Greece, Spain
Currency | Yaron Sadan | 
December 8, 2009 11:03 am
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